1. Field of the Invention
The present invention generally relates to a system and method of conducting business transactions. More specifically, the present invention relates to a self-contained business transaction capsule that contains all the data and logic necessary to complete a transaction, particularly utilizing wireless devices.
2. Discussion of the Related Art
The Internet has profoundly impacted traditional methods of commerce. Internet commerce, or electronic commerce (“e-commerce”), continues to grow each year. A clear majority of Americans are expected to be online by the year 2003. It is also expected that there will be 502 million Internet users worldwide by the year 2003. By eliminating many of the costs involved in executing routine commercial transactions, such as simple banking services and retail purchases, the Internet is rapidly providing individuals and organizations with a new medium for conducting business. And, as a source of consumer information on products and services, the Internet is unparalleled. Consumers can easily gather and compare information on products and services by visiting Web sites on the Internet. In addition to the basic information of a product or service provided on a Web site, sounds and images may also be provided therewith. Therefore, with an Internet Web site, a consumer can learn more about a product or service than over the telephone, and can more easily compare benefits and prices with competitors. Accordingly, these new digital marketplaces allow participants to conduct transactions at any time from any place. In these “e-marketplaces”, customers are drawn or “pulled” to Web sites or virtual stores, much like “window shoppers” are lured into brick-and-mortar retail stores.
As the Internet becomes more and more dominant, e-marketplaces will exist in wireless access networks, portal Web sites, interactive advertisements, cable access networks, telephone access networks, industrial trading hubs, auctioning systems, airplanes, kiosks, and geographically-local marketplaces to serve as additional outlets for the sale of products and services in the form of e-commerce transactions. To be successful in these new e-marketplaces, it is desirable for online businesses to “push” their products out into these new channels of distribution, rather than just simply “pulling” customers to their Web sites.
Wireless devices are expected to become extremely important conduits of online transactions for both “push” and “pull” commerce, even though they collectively lack a standard to communicate with the Internet. Existing “native e-commerce” systems are not readily compatible with the new digital marketplace, particularly with wireless devices. For example, a wireless user could not easily place an order for a specific product on a Web site that expects interactivity from a standard Web browser connection due to the limitations of wireless devices. Some of these limitations include the lack of transmission standards, low bandwidths, small displays, limited buttons for user input, unstable wireless connections, etc. Therefore, in order to conduct wireless mobile commerce, or “m-commerce”, an online business would be required to develop a customized solution that makes the online business's native e-commerce system compatible with wireless devices.